Brokerages Set Enovix Co. (NASDAQ:ENVX) Target Price at $20.50

Shares of Enovix Co. (NASDAQ:ENVXGet Free Report) have been given an average rating of “Moderate Buy” by the eleven brokerages that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $20.50.

A number of equities analysts have recently issued reports on ENVX shares. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. dropped their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd.

Check Out Our Latest Report on ENVX

Insider Buying and Selling

In other news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently added to or reduced their stakes in ENVX. Bank of New York Mellon Corp increased its position in shares of Enovix by 13.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock worth $8,859,000 after purchasing an additional 69,098 shares during the last quarter. Principal Financial Group Inc. grew its stake in Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after buying an additional 1,434 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Enovix in the 2nd quarter valued at $766,000. Concurrent Investment Advisors LLC acquired a new position in Enovix in the second quarter valued at $496,000. Finally, Commonwealth Equity Services LLC raised its stake in Enovix by 45.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 69,414 shares of the company’s stock valued at $1,073,000 after acquiring an additional 21,620 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Down 1.2 %

NASDAQ ENVX opened at $11.28 on Friday. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -7.01 and a beta of 1.94. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a fifty day moving average of $9.57 and a two-hundred day moving average of $11.17. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVXGet Free Report) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period last year, the company earned ($0.27) earnings per share. On average, analysts predict that Enovix will post -1.17 earnings per share for the current year.

About Enovix

(Get Free Report

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.

See Also

Analyst Recommendations for Enovix (NASDAQ:ENVX)

Receive News & Ratings for Enovix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Enovix and related companies with MarketBeat.com's FREE daily email newsletter.